The Financial sector is one of the most intensely regulated areas of the economy, and no matter what niche you operate in, there are layers of laws detailing a wide swath of reporting requirements. This leads to a situation where the daily operation of banks, investment services firms, wealth management, insurance, & credit institutions, and mortgage & brokerage firms are all extremely “paper intensive”, generating millions of documents that need to be managed, accessed, reported on, and preserved, often for decades.
Financial institutions don’t only have to track the basic elements of their day-to-day business, the loan & mortgage applications, the deposits, withdrawals & electronic transfers, the account openings & closings, the ups & downs of investments, and the basics of operational management, but they also are faced with an entire “alphabet soup” of organizations looking over their shoulders for compliance documentation.
Added to this are the Federal Rules of Civil Procedure (FRCP) which now demand that U.S. companies keep track of their employees’ emails, instant messages and other electronic documents in the event the companies are sued.
This is why an electronic document management solution is so important to the financial industry as its robust capabilities are paired with an extremely flexible structure, which allows every installation to be finely customized to both the workflow, information needs, and reporting requirements of each individual operation.
Studies have shown how painfully expensive the handling of paper documents can be, where, for example, finding a single misfiled document averages $120.00. Multiplying those sorts of staff costs across the whole panoply of files, forms, reports, etc., ends up in staggering expenses. In a hyper-competitive market, your company is falling behind if it’s simply maintaining “business as usual”.
Our Solution has been built from the ground up to reduce overheads, improve workflow efficiency and make your organization’s practices more effective, and it has proven to reduce document handling costs across the enterprise by 50-90%. When a solution makes work easier, more accurate, and improves the bottom line, it should be top of the list for ways to support your business.